Oil prices slipped on Tuesday, and were set for their biggest quarterly loss since the COVID-19 pandemic in early 2020, with investors eyeing potential US-Iran talks in Doha amid a strained interim ceasefire in the four-month-old war.

Brent August crude futures, which expire on Tuesday, were down 0.41 per cent, or 30 cents, at $72.85 a barrel as of 0824 GMT. The contract was on track for a third straight monthly decline and was down about 21 per cent so far in June. The more actively traded September contract was down 0.1 per cent, or 7 cents, at $73.84 a barrel.

US West Texas Intermediate for August fell 0.2 per cent, or 13 cents, to $70.62 a barrel. The contract was down for the second straight month, by about 20 per cent so far in June.

Read more-UAE cuts fuel prices for July after four months of increases

Both Brent and WTI prices are close to pre-war levels.

“The recent de-escalation between the US and Iran is undoubtedly a positive development for global financial markets, but it should not be interpreted as the end of uncertainty surrounding the energy sector,” Rania Gule, senior market analyst at XS.com, said.

Iranian and US negotiating teams were due in Doha this week, but Iran said on Monday no meeting had been scheduled as weekend missile fire from both sides tested the interim ceasefire to end the war.

Iranian and Omani experts will start talks on redefining transit paths through the Strait of Hormuz in the coming days, Iranian Deputy Foreign Minister Kazem Gharibabadi told state TV on Monday, adding that his country will try to obstruct vessels outside defined paths.

However, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said there will not be any negotiation meetings at any level with the American side in the coming days.

The uncertainty over whether the two sides would meet highlighted the fragility of a June 17 agreement to pause fighting that has disrupted global oil flows through the Strait of Hormuz and posed a political challenge for US President Donald Trump ahead of November’s congressional elections.

Morgan Stanley cut its 2027 Dated Brent forecast by $5 a barrel, to $75 a barrel in the first half of the year and $70 a barrel in the second half, citing expectations of a build-up in OECD commercial oil inventories.

Morgan Stanley said it now models an implied global oil market surplus of 4.8 million barrels per day in 2027.

Middle East producers are pushing ahead with loading oil and LNG despite fresh ship attacks in the Strait of Hormuz and renewed strikes between the US and Iran in recent days, shipping data showed.

Traffic last week hit its highest level since the conflict began at the end of February.

Saudi employers are among the world’s most enthusiastic adopters of artificial intelligence (AI) in human resources, with AI now supporting key HR functions across most organisations, according to new research commissioned by HireRight.

The YouGov survey found that just 7 per cent of Saudi employers said their organisations were not yet using AI in HR, compared with 42 per cent of employers in the UK. AI is most commonly used in the Kingdom for training and development, HR administration, policy management, workforce planning and analytics.

The research also found Saudi employers are among the most accepting globally of candidates using generative AI during the recruitment process. Nearly two-thirds (63 per cent) view candidate use of AI positively, matching India as the highest among the markets surveyed and well above the global average of 46 per cent. Around 76 per cent of respondents said they were confident they could identify AI-assisted job applications, while 45 per cent expect AI to drive increased hiring in 2026 as organisations seek workers with new skills.

“Saudi Arabia is undergoing an ambitious workforce and economic transformation,” said James Randall, Middle East sales director at HireRight. “What stands out in this market is not simply the pace of AI adoption and its widespread acceptance by HR teams; it is the seriousness with which employers are approaching workforce integrity and long-term workforce quality.”

Unlike many international markets, finding qualified candidates was identified as a major challenge by only 23 per cent of Saudi employers, the lowest among all countries surveyed. Instead, organisations are prioritising recruitment transformation through technology integration, improved hiring efficiency and enhanced candidate experience.

Despite this focus on modernisation, employers continue to face workforce pressures. Compared with global averages, Saudi organisations reported higher-than-expected employee turnover (37 per cent versus 24 per cent globally), lower offer acceptance rates (35 per cent versus 18 per cent) and higher recruitment costs (33 per cent versus 28 per cent).

The survey also highlighted the growing importance of workforce screening. More than half (57 per cent) of Saudi HR and recruitment leaders said they had uncovered identity fraud among candidates or employees in 2025, the third-highest rate across the eight markets surveyed, behind only the UAE and India.

Accuracy and quality of screening results emerged as the top consideration when selecting a background screening provider, followed by candidate experience, customer service and ease of use. Employers said screening plays a critical role in improving workplace safety, reducing fraud-related financial losses and identifying behaviours that may conflict with corporate values.

Beyond permanent employees, 91 per cent of Saudi respondents said they also screen vendors, suppliers and contractors before engagement, although 59 per cent acknowledged that contingent workers are not screened through the same provider used for permanent hires, potentially creating gaps in workforce oversight.

“As businesses continue to strengthen their workforce risk management strategies, consolidating contingent worker screening with their current pre-employment screening provider could help companies introduce more consistent due diligence across their entire workforce,” Randall added.

The findings suggest Saudi organisations are combining rapid AI adoption with stronger governance and workforce screening as they build more efficient, technology-enabled recruitment models aligned with the Kingdom’s broader economic transformation.

Saudi Arabia has extended its initiative to waive tax fines and financial penalties for taxpayers across all tax systems by a further six months, providing businesses and individuals with additional time to regularise their tax affairs and strengthen compliance.

The Zakat, Tax and Customs Authority (ZATCA) announced that the extension follows a decision issued by the Minister of Finance and will take effect from July 1, 2026, remaining in force until December 31, 2026, a Saudi Gazette report said.

Read more-Traveling to Saudi? New cash, gold declaration rules are now in effect

Under the initiative, taxpayers are eligible for exemptions from fines related to late registration under all tax systems, delayed tax payments, late submission of tax returns across all tax regimes, and penalties linked to corrections made to value added tax (VAT) returns.

Eligibility criteria outlined

ZATCA said taxpayers seeking to benefit from the initiative must be registered with the authority for tax purposes, submit all required tax returns, and settle the full principal amount of any outstanding tax liabilities.

The authority added that taxpayers may also apply for an installment plan, provided the request is submitted during the validity of the initiative and all approved installments are paid on their scheduled due dates in accordance with the payment plan approved by ZATCA.

However, the authority stressed that the initiative does not extend to penalties resulting from tax evasion violations, fines imposed under Article 45 of the VAT Law, penalties that were settled before the initiative came into effect, or penalties associated with tax returns due after June 30, 2026.

ZATCA further clarified that even if the initiative is extended beyond December 31, 2026, any future extension would continue to exclude penalties linked to tax returns due after June 30, 2026.

The authority has encouraged taxpayers to review the initiative through its simplified guide, which explains the extension decision, the categories of fines covered, eligibility requirements, installment payment procedures, and practical examples to help taxpayers understand the available relief measures.

ZATCA also urged eligible taxpayers to make use of the extended initiative before it expires on December 31, 2026.

More than seven in 10 consumers in the UAE say they have become increasingly willing to pay using digital wallets such as Apple Pay, Google Pay and Samsung Wallet instead of cash or physical cards, highlighting the country’s accelerating shift towards digital payments.

According to a survey of 1,050 UAE residents conducted by Dubai-based global insights consultancy SixthFactor, 70.7 per cent of respondents said their willingness to use digital wallets has increased over the past few years.

The research also revealed notable differences across income and education groups, suggesting that while digital payment adoption is widespread, uptake has been strongest among higher-income and more highly educated consumers.

Among households earning Dhs30,000 or more per month, 75.5 per cent said they had become more willing to use digital wallets, the highest level recorded across income groups. By comparison, only 59.1 per cent of consumers earning less than Dhs10,000 per month expressed the same view, creating a gap of 16.4 percentage points.

Education levels also influenced adoption. Consumers with secondary-level education reported a willingness rate of 66.6 per cent, rising to 73.5 per cent among bachelor’s degree holders and 73.6 per cent among those with postgraduate or professional qualifications.

Himanshu Vashishtha, founder and global CEO of SixthFactor, said: “Seven in ten consumers saying they have become more willing to pay with digital wallets is a strong finding, and it reflects how quickly payment behaviour has shifted in the UAE over a relatively short period.

“The more interesting part of the data is where that shift has been less pronounced. The income and education gaps are a reminder that markets do not move at the same speed for everyone. For banks, retailers and payment providers, those segments are where the next phase of real growth lies.”

The survey was conducted between March and April 2026 and included 1,050 UAE residents representing a broad cross-section of income, education and demographic groups. The findings underscore the continued evolution of the UAE’s digital payments ecosystem as consumers increasingly adopt contactless and mobile-first payment methods.

The UAE has resumed travel for its nationals to the Lebanese Republic, marking a significant easing of travel restrictions as the country prepares for one of its busiest summer travel seasons.

The Ministry of Foreign Affairs (MoFA) announced that UAE nationals are permitted to travel to the sisterly Lebanese Republic effective Monday, June 29, 2026, while reminding travellers that compliance with mandatory registration requirements remains a key condition for departure.

Under the updated travel procedures, the ministry said UAE nationals must register through the Twajudi service before travelling. Passengers will not be allowed to depart through the country’s ports of exit until the registration process has been completed. The ministry added that failure to register could result in the suspension of travel procedures and legal accountability, a WAM report said.

Read more-Traveling to Saudi? New cash, gold declaration rules are now in effect

UAE nationals are also required to provide all necessary information through the Twajudi service, including their place of residence in Lebanon and emergency contact details. Travellers must notify the Ministry through the service upon their return to the UAE and ensure their information is updated if any changes occur during their stay.

In the event of an emergency, the ministry advised UAE nationals abroad to contact its dedicated emergency hotline at +971 80024 to facilitate a prompt response and timely assistance.

Emirates prepares for busy summer travel season

The latest government announcement comes as Emirates has advised customers to expect significantly higher passenger volumes during the summer holiday period, urging travellers departing from Dubai to allow additional time to complete airport formalities.

According to the airline’s latest travel advisory, passengers should arrive at least three hours before departure from Dubai, as security and immigration processing times may be longer than usual. Emirates also recommends that passengers be at their boarding gate at least 60 minutes before departure.

To minimise delays caused by increased road traffic around Dubai International Airport, the airline has encouraged travellers to plan extra travel time or consider using the Dubai Metro to Emirates Terminal 3.

Emirates is also promoting several check-in options designed to streamline the airport experience. Customers can check in online or through the Emirates mobile app, use self-service check-in and bag-drop kiosks, complete baggage drop up to 24 hours before departure (or 12 hours for US-bound flights), or opt for Home Check-in services.

The airline added that Emirates Skywards members can register for Emirates Biometrics through the Emirates app before travelling to benefit from facial recognition services across the airport. Travellers can also make use of Emirates City Check-in facilities in Ajman and at ICD Brookfield Place in DIFC, with the latter extending its operating hours from July 1.

Emirates further advised customers to ensure their contact information is updated through Manage Your Booking so they can receive the latest travel notifications and operational updates throughout their journey.